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CIRP initiated against the Corporate Debtor terminated upon reaching full and final settlement with the Operational Creditor who filed Section 7 application. Quantum of CIRP expenses till termination date to be determined by NCLT, to be borne by Corporate Debtor. Corporate Debtor directed to furnish bank guarantee for claimed CIRP expenses amount within two weeks in Resolution Professional's name. Operational creditors and other creditors retain rights to pursue legal remedies for their claims, if any. Impugned NCLAT order set aside, CIRP terminated, appeal allowed.
CIRP initiated against the Corporate Debtor terminated upon reaching full and final settlement with the Operational Creditor who filed Section 7 application. Quantum of CIRP expenses till termination date to be determined by NCLT, to be borne by Corporate Debtor. Corporate Debtor directed to furnish bank guarantee for claimed CIRP expenses amount within two weeks in Resolution Professional's name. Operational creditors and other creditors retain rights to pursue legal remedies for their claims, if any. Impugned NCLAT order set aside, CIRP terminated, appeal allowed.
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